Coverage of C&J Energy Services (CJES +0.8%) is initiated at Goldman Sachs with a Buy...

Coverage of C&J Energy Services (CJES+0.8%) is initiated at Goldman Sachs with a Buy rating and $26 price target. The firm thinks CJES' transition of its fracking fleet from take-or-pay contracts to the spot market will occur more smoothly than most expect; although CJES will be impacted by the lower pricing environment, utilization should hold steady.